Mooners and Shakers: Bitcoin tries to hold support; Chainlink shows strength

Ahead of another potential market-moving US Federal Reserve (Fed) disclosure today, Bitcoin (BTC) has been largely trading in the same sideways range it’s been in for several days.

And that’s a range of about US$45.5k to about US$48.6k over the past week. That said, the support is looking a bit dicey at press time – a dip to lower levels certainly wouldn’t surprise.

At 2.30pm EST (6.30am AEDT), the Fed is releasing its minutes from its latest FOMC meeting, which was held in December, and both traditional and crypto markets are anticipating clarity on the pace of the potential Fed interest-rate hikes and scaling back of its bond-buying program.

Whether this moves the price of Bitcoin (and consequently the entire crypto market), and in which direction, is a bit of a guessing game at the moment, but faster rate hikes from the Fed than first supposed could be a bit of a short-term bummer for riskier asset classes such as crypto. A steady-as-she-goes rate-hiking pace from the Fed is probably what the market wants to see.

Speaking of things related to inflation levels and crypto, though… it’s time for a meme…


 

Top 10 overview

With the overall crypto market cap down 0.7% from this time yesterday and sitting around US$2.38 trillion, here’s the state of play in the top 10 by market cap at the time of writing, according to CoinGecko data.

https://stockhead.com.au/

There’s not much movement at the station there. Not in crypto terms, anyway.

Unless you’re looking at the Bitcoin dominance figure, that is – which has dropped significantly, below 40%, to its lowest level since May 2018. And with that, there’s building excitement around Crypto Twitter about a potential “altcoin season” brewing, although a fair bit of understandable fence sitting, too…

Annnnd… then there’s gold fan no. 1 Peter Schiff’s predictable take… which is pretty much: “Bitcoin and crypto are screwed whatever happens”…

 

Winners and losers: 11–100

Sweeping a market-cap range of about US$25.5 billion to about US$1.4 billion in the rest of the top 100, let’s find some of the biggest 24-hour gainers and losers at press time.

DAILY PUMPERS

• SafeMoon [OLD] (SAFEMOON), (market cap: US$1.45b) +28%

• Chainlink (LINK), (mc: US$12.6b) +14%

Helium (HNT), (mc: US$4.5b) +8%

• Synthetix (SNX), (mc: US$1.47b) +7.5%

The Graph (GRT), (mc: US$3.8b) +7.3%

Widely regarded as one of the top projects in the space and the leading “oracle” (a project that connects real-world and smart-contract blockchain data), Chainlink has finally been seeing some notable movement in the past week or so after a long period of stagnation.

Some strong fundamentals could be driving the move, not least of all the prospect of staking on its network.

As for SafeMoon, meanwhile, it’s a little harder to see why the memecoin is having a pump today, other than perhaps the fact it’s leading this Twitter poll being conducted by former MMA star Chuck Liddell…

DAILY SLUMPERS

• Spell Token (SPELL), (mc: US$1.63b) -8.5%

• Radix (RDX), (market cap: US$2.3b) -8%

• Convex Finance (CVX), (mc: US$2.16b) -7%

• Arweave (AR), (mc: US$3.15b) -6%

• Cosmos (ATOM), (mc: US$11.5b) -5%

 

Lower-cap winners and losers

Moving below the crypto unicorns (in some cases well below), here’s just a selection catching our eye…

DAILY PUMPERS

• Fuse (FUSE), (market cap: US$207m) +125%

• Pendle (PENDLE), (mc: US$53m) +72%

• Premia (PREMIA), (mc: US$49.4m) +49%

• Vader Protocol (VADER), (mc: US$559m) +38%

• Universe.XYZ (XYZ), (mc: US$33m) +30%

 

DAILY SLUMPERS

• Tomb Shares (TSHARE), (market cap: US$666m) -29%

Saito (SAITO), (mc: US$104m) -17%

Opulous (OPUL), (mc: US$53m) -10%

 

 

 

 

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